How can you build a strong governance framework to manage strategic change for BRM in a regulated industry?

1 Define your governance objectives

The first step to building a strong governance framework is to define your governance objectives. What are the outcomes and benefits that you want to achieve from your BRM activities? How do they align with your business strategy and vision? How do they support your regulatory compliance and risk management? Your governance objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also be communicated and agreed upon by your key stakeholders, such as your business partners, IT leaders, regulators, and customers.

2 Establish your governance roles and responsibilities

The next step is to establish your governance roles and responsibilities. Who are the people and groups that will be involved in your BRM governance? What are their duties and accountabilities? How will they collaborate and coordinate with each other? You should define the roles and responsibilities of your BRM team, your business relationship managers, your IT service owners, your governance board, your steering committee, your change advisory board, and any other relevant parties. You should also document and clarify the decision-making authority, escalation paths, and reporting lines of each role.

3 Design your governance processes and practices

The third step is to design your governance processes and practices. How will you plan, execute, monitor, and control your BRM activities? How will you manage the change lifecycle, from initiation to closure? How will you assess the impact, feasibility, and value of each change? How will you prioritize, approve, and implement each change? How will you evaluate the performance, outcomes, and benefits of each change? You should design your governance processes and practices based on best practices, such as the ITIL framework, the COBIT framework, or the BRM Institute's BRM Body of Knowledge. You should also align them with your regulatory requirements, such as the ISO standards, the GDPR, or the Sarbanes-Oxley Act.

4 Develop your governance tools and resources

The fourth step is to develop your governance tools and resources. What are the tools and resources that will help you execute your governance processes and practices? How will you document, store, and share your governance information and data? How will you communicate, collaborate, and coordinate with your governance stakeholders? You should develop your governance tools and resources based on the needs and preferences of your users. You should also leverage the existing tools and resources that you have, such as your IT service management system, your project management system, or your enterprise resource planning system.

5 Implement your governance framework

The fifth step is to implement your governance framework. How will you roll out your governance framework to your BRM stakeholders? How will you train, educate, and coach them on your governance objectives, roles, processes, and tools? How will you ensure that they adopt and follow your governance framework? You should implement your governance framework in a phased and structured manner. You should also involve your stakeholders in the implementation process, and solicit their feedback and suggestions for improvement.

6 Review and improve your governance framework

The final step is to review and improve your governance framework. How will you measure and monitor your governance performance and results? How will you identify and address your governance issues and gaps? How will you adapt and update your governance framework to the changing needs and expectations of your business and regulatory environment? You should review and improve your governance framework on a regular basis, using metrics, indicators, audits, surveys, and reviews. You should also foster a culture of continuous improvement and learning among your BRM stakeholders.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?